If you own mutual funds through a brokerage account, you have received a letter or will get one soon asking you to make a cost- basis method choice before year's end. What's this all about? The Emergency Economic Stabilization Act of 2008 requires that when brokers report the sale of securities to the IRS, they also include the customer's adjusted basis in the sold securities and classify any gain or loss as long-term or short-term.
It's the stamp that you can buy today and use in 10 years to pay your electric bill. But is socking your savings into hundreds of 41-cent "forever" stamps a good investment?
Reports of foreign bank and brokerage accounts on Form TDF 90- 22.1 by persons who own (directly or through foreign subsidiaries) or have signature authority over such accounts are due on June 30. Extending the due date for the filer's income tax return does not extend the deadline for filing these reports, and the existence of such accounts must be noted on the filer's tax return. Background
Before the modernization of financial markets, fixed income investors relied heavily on coupon payments to support their retirement. A bondholder would physically mail a coupon into the issuer and receive a cash payment. Since there was not much of a secondary market for bonds and the commission to sell a bond was quite large, the fix on bond yield made a lot of sense. In today's world, most investors hold bonds individually in a brokerage account or they will purchase a mutual fund that holds a diversified portfolio of bonds. Secondary markets for individual bonds are much more robust than they were in the days of the physical coupon and commissions are much more reasonable.
Dear Bruce: My hobby is playing with the stock market. I don't believe you need to be wealthy to make some investments. I have $1,600 in a mutual fund and $950 in various stocks. I watch these daily, and it seems I know when to hold them and when to fold them. I put $50 a month in my mutual fund and invest $60 monthly in my various stocks. When a new company offered free shares back in 1996, I accepted them and put them in my nickname of "Peggy." Now those shares are worth more than $1,000. I don't know how to prove that "Peggy" and "Margaret" are the same person so I can move them into my brokerage account. Any help would be appreciated. -- M.J., via email
Buy a house, buy or rent a car or other consumer product, schedule surgery, apply for employment, or open a bank, credit card, or brokerage account, and an arbitration provision will likely be part of the bargain. An increasing number of courts have agreed, on contract grounds, that mandatory arbitration provisions may be unenforceable because they are unconscionable, particularly if the effect of the provision is also to cancel a right to assert on behalf of a class claims that cannot realistically be asserted by individuals.
Gregory Podlucky, the deposed CEO of LeNature's Inc., scoured the world searching for the rarest, most expensive gems he could buy using money that he bilked from banks and other lending institutions, according to the U.S. Attorney's Office in Pittsburgh. Federal prosecutors Thursday initiated a forfeiture action against a Podlucky-controlled brokerage account at Charles Schwab and seized $1.4 million.
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